That seems like a reasonable, fair price. I'd been thinking that if he was in the $2.5-3 range, I could see the Packers signing him and it being fair value for his present usage. I was thinking that $4 or more was too rich for my amateur sense. So $3.5-4.25 maybe a hair high, but that seems pretty fair-market for what role he can still provide even now.

Julius Peppers’ one-year deal with the Panthers is worth $3.5 million, with sacks incentives that could push it to $4.25 million, according to a league source.

Peppers, who signed his contract Saturday, will collect an additional $250,000 if he finishes with seven sacks. The bonus increases to $500,000 for nine sacks, and Peppers will receive $750,000 if he reaches eleven sacks.